Chaoda Modern Agriculture (Chaoda) listed on the Hong Kong stock exchange in 2000. In May 2011, an article in Next Digital magazine claimed that Chaoda had exaggerated the amount of land it controlled, leading to share price declines. Four months later, in September, short-seller Anonymous Analytics published a report alleging fraud. A few weeks after this, the company announced a delay to the publication of its June FY11 results as auditor BDO needed more time. BDO then resigned in May 2012, citing professional risk, and it was not until August 2014 that Chaoda managed to find a replacement, Elite Partners. The company resumed trading in February 2015; however, it has never admitted guilt despite reporting losses of RMB25bn (US$4bn) since FY12 which have wiped out 96% of equity. 

Last edited August 2021

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